CubeSmart (NYSE:CUBE) Plans $0.51 Quarterly Dividend

CubeSmart (NYSE:CUBE) declared a quarterly dividend on Tuesday, May 21st, Wall Street Journal reports. Investors of record on Monday, July 1st will be given a dividend of 0.51 per share by the real estate investment trust on Monday, July 15th. This represents a $2.04 annualized dividend and a yield of 4.52%. The ex-dividend date of this dividend is Monday, July 1st.

CubeSmart has raised its dividend payment by an average of 14.2% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. CubeSmart has a payout ratio of 113.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect CubeSmart to earn $2.73 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 74.7%.

CubeSmart Stock Up 0.8 %

CUBE opened at $45.17 on Friday. CubeSmart has a 52 week low of $33.17 and a 52 week high of $47.81. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The firm has a 50-day simple moving average of $42.90 and a two-hundred day simple moving average of $43.94. The company has a market capitalization of $10.16 billion, a PE ratio of 25.09, a price-to-earnings-growth ratio of 5.49 and a beta of 0.77.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The firm had revenue of $261.41 million for the quarter, compared to the consensus estimate of $253.91 million. During the same period in the previous year, the company posted $0.65 earnings per share. CubeSmart’s quarterly revenue was up 1.9% on a year-over-year basis. Analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on CUBE. Wells Fargo & Company boosted their price target on shares of CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, April 5th. Raymond James restated an “outperform” rating and issued a $48.00 target price on shares of CubeSmart in a report on Thursday, March 28th. BMO Capital Markets downgraded shares of CubeSmart from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Evercore ISI boosted their price objective on CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, March 4th. Finally, Barclays began coverage on CubeSmart in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 price objective for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart has an average rating of “Hold” and an average price target of $46.00.

CubeSmart Company Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.